Title:  Director & Actuary, Corporate Actuarial

In keeping with our global position as an industry leader and innovator, Munich Re is driving transformative change in the life reinsurance industry. Our innovation strategy sets a new standard in digitization that will radically transform our end-to-end business operations and deliver world-class, fully automated business processes and workflows. 

Join Munich Re’s Corporate Actuarial team to accelerate your actuarial career through mastery of reinsurance valuation, financial reporting, capital reporting and optimization, and risk exposure and analysis. You will develop and use leading-edge actuarial models and analytics for the analysis and reporting of Life & Health Reinsurance business in a collaborative and inventive area that regularly works with other actuarial teams such as Pricing, Accounting & Finance, Biometric Research, Reinsurance Operations, Claims and Risk Management. 

You will have accountability and exposure to a broad range of functions within the area deepening your technical expertise to both IFRS 17 and LICAT with the opportunity to work on various lines of business – Individual Life, Disability Income, Critical Illness, Long Term Care, and Group allowing for growth in product knowledge, risk exposure, and traditional and non-traditional reinsurance structures.

You demonstrate a consistent need for achievement, a strong work ethic and a drive to make a difference. You are also an excellent communicator and thrive working in a high-performing and client focused environment with a desire to make an impact. You have the ability to learn quickly, synthesize and implement solutions, and explain technically challenging concepts to other actuarial teams and senior management. If this sounds like a challenge, this is the right role for you.

Position Overview

The successful candidate will lead a number of the following, which may include but is not limited to:  

• Managing, training and leading a team through the quarter and year-end financial reporting process across all lines of business under both reserving bases (IFRS 17 and Solvency II).
  • Ensuring tests and analyses are completed to fully verify accuracy, such as reserve movements and source of earnings analysis.
  • Preparing IFRS 17 and SII reports and the quarterly/yearly LICAT (LIMAT) return.
  • Summarizing and explaining quarterly financial results to the CFO and other members of the Senior Leadership Team as needed.
• Consolidating cash flows for or leading the production of the annual Financial Condition Test, Business Plan, Value of New Business and various profitability metrics.
• Identifying and developing strategies to optimize capital usage for both MR Group and the Branch through retrocession or other opportunities.
• Providing deal support on large inforce transactions, FinRe and complex structured solutions.
• Preparing reports and liaising with management, regulators, auditors, and the Munich Home Office.
• Monitoring emerging experience and testing of assumption changes as needed.
• Identifying needs of the valuation landscape (both IT and processes) to bring about infrastructure-related improvements.
• Building strong relationships with other departments, maintaining regular communication, identifying opportunities for improvement and successfully addressing issues as they arise.

Leadership

• Contributing to a high-performance team that is highly engaged and recognized as experts both internally and throughout the global Munich Re organization.
• Ensuring the team has a clear understanding of departmental objectives, and that every employee has challenging personal objectives.
• Hiring, developing and retaining a top talent team that is fully engaged and recognized as experts internally within Munich Re and externally with clients and partners.
• Fostering a culture of feedback with timely feedback given to employees and other Munich Re team members.
• Engaging in regular development discussions with employees to coach on career growth and development.

Your Profile

• University Degree in Actuarial Science, Finance, Statistics, or Mathematics.
• FSA/FCIA
• 5-10 years of experience in the Canadian Life and Health insurance/reinsurance industry.
• Strong problem solving and organizational skills.
• Strong communication, interpersonal and influencing skills across all levels of the organization.
• Ability to establish and maintain good working relationships with other departments.
• Demonstrated flexibility and effectiveness working under tight timelines.
• Strong analytical and financial modeling skills. Comfortable working with complex calculations.
• Superior attention to detail and accuracy.
• Experience with the Canadian reinsurance market, traditional re/insurance product features, LICAT capital requirements and profitability metrics is prioritized
• Familiarity with IFRS 17 and IFRS 9 as it relates to insurance related financial instruments is an asset.
• Experience with AXIS and Datalink.

What Can We Offer You?

We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:

• An engaging and collaborative environment that promotes continuous learning and development
• A hybrid work environment that combines weekly in-office and remote days with Meeting-Free lunch hours and Focus Friday afternoons
• A great compensation package including annual company bonus
• Market leading company-paid flexible health and dental benefits, starting on your first day
• Flexible dollars provided by the company to put towards Health Spending Account and/or Wellness Spending Account
• Immediate participation in DC Pension Plan with an automatic 5% employer contribution, plus optional company match
• Generous time off including vacation, personal days, unplanned time, Statutory Holidays and company-wide early closure half-days
• Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program and reimbursement for professional fees
• Maternity, Parental & Adoption Leave top-up program
• Employee Referral Program, Recognition & Rewards Platform

About Munich Re

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance.  By turning uncertainty into manageable risk, we enable fundamental change.  We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.  We dare to think big and are continuously innovating on behalf of our clients.

Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry.  We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.

Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact AODARequestHR@munichre.ca as soon as practical so that suitable accommodations can be arranged.